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Infrastructure needs public-private partnerships: President

Kolkata, Aug 2 IANS | 1 year ago

President Pranab Mukherjee Saturday said India's growth story was only unfolding and the private sector, including overseas investors, had much to look forward to in areas like infrastructure that need billions of dollars of investment.

"The Planning Commission had earlier estimated that investments in infrastructure will have to expand to as much as USD 1 trillion in the 12th Plan period (2012-2017) to enhance connectivity and commerce within the country," the president said.

"There is no doubt that the majority of this enormous investment will have to come from the private sector or through public-private partnerships," he told the annual general meeting of Indian Chamber of Commerce here.

Mukherjee said that education, especially at the higher, technical level, as also skill development were areas that needed greater attention.

"For India to be a progressive nation, we not only need high GDP growth, but also sound educational and health-care systems which will make growth sustainable and inclusive," he said.

"We also require sound skill development programmes and infrastructure to create a pool of skilled professionals who can take on the challenges of tomorrow."

The president said a growth of 8-9 percent was necessary to address poverty in India and for that the gap between the domestic savings and investments would have to be bridged.

"To meet such investment requirements, the role of investment surplus countries have to come into play. I'm glad that the government is fully aware of this. It has taken some appropriate steps in this regard."